Mizuho (8411) Shares Drop 7% After Investment Decision Clarification

Mizuho Financial Group's (8411) shares fell by as much as 7.7%, closing 7.2% lower, following a clarification on its reported investment plans in Rakuten Bank. The company currently holds a 14.99% stake in Rakuten Card Co. and stated that no decision on investing in Rakuten Bank has been made. Mizuho reported a net profit of 228.7 billion yen ($1.44 billion) for the quarter ending in March, which is a 660% increase from a year earlier. Analysts are monitoring Mizuho's future announcements regarding Rakuten Bank, as uncertainty surrounds the investment potential.